S. Fla. demand for short-term rentals entices more RE investors to offer them, but, according to an FAU report, that helped pushed rents higher for year-round residents.
A year-to-year comparison of rate increases finds the smallest jump in over a year. Rents rose less than that in 3 Fla. metros and were down 0.8% in Jacksonville.
Some cities with high rent increases over the past few years saw a bit of correction mid-2022, including Tampa where rents dropped about 1% between April and Oct.
Be on the lookout for high demand for medical office properties as well as education locations, including private schools, colleges and technical training facilities.
The median U.S. asking rent climbed 7.4% year-to-year to $2,007 in Nov. In Fla., Miami’s rate was higher, Orlando and Tampa lower, and Jacksonville saw a decline.
